Home› Precious Metals

A minor observation about Gold Eagles selling on Ebay

edmundfitzgeraldedmundfitzgerald Posts: 4,306 ✭✭
in Precious Metals
Years ago when gold was at $1,220 an ounce, I remember buying NGC MS70 $50 Gold Eagles on Ebay for $1,350.00
I could buy them all day long at that price.

Now that gold has finally come back down to $1,220 an ounce, I am finding that is not as easy to buy them for thirteen fifty.
Most of the eagles in NGC MS70 form are still selling at fifteen. Just last night one finally sold around $1,480, which is the first time I saw it break the fifteen barrier.

Comments

  • jdimmickjdimmick Posts: 9,672 ✭✭✭✭✭
    People who frequent this place, are usually more in tune with price. Probably not nearly as much as who's trolling ebay.

    Just here locally, several people who were past customers who came in recently to sell, had no idea the price drop. many though gold was still around 1500 and silver in the mid 20's.
  • s4nys4ny Posts: 1,569 ✭✭✭
    Human nature at work. When gold was at 1235 on the way up, sellers couldn't believe
    that gold was that high and wanted to sell. They thought gold was overvalued.

    Now with gold at 1235 buyers want physical gold because they cannot believe
    that gold is this low. They think that gold is undervalued.

    Same price, different psychology, different premiums over spot.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    sellers are paying higher fees now. Fees on $1480 now total $191.22.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>Years ago when gold was at $1,220 an ounce, I remember buying NGC MS70 $50 Gold Eagles on Ebay for $1,350.00
    I could buy them all day long at that price.

    Now that gold has finally come back down to $1,220 an ounce, I am finding that is not as easy to buy them for thirteen fifty.
    Most of the eagles in NGC MS70 form are still selling at fifteen. Just last night one finally sold around $1,480, which is the first time I saw it break the fifteen barrier. >>



    Do you really expect people to sell them below cost? As derryb pointed out below, it costs almost $200 in eBay fees. Even at $1480, the seller is probably realizing a loss.

    You can get them for $1395 or so at APMEX and maybe a little better from other places.
    theknowitalltroll;
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    When gold was high there was still good profit even with fees. That profit margin is now way down. Look for quality gold bullion on ebay to dry up. I sold a $2875 coin on ebay this morning, my total fees were $333.68. Fortunately I only had $1900 in the coin. Looking to move all my sales over to Ian Russell (a member here) at Great Collections. Have purchased from him, he runs a top notch operation.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • DrBusterDrBuster Posts: 5,378 ✭✭✭✭✭
    Man those fees are ridiculous. Glad I don't mess with the bay anymore.
  • morgansforevermorgansforever Posts: 8,458 ✭✭✭✭✭
    <<sellers are paying higher fees now. Fees on $1480 now total $191.22.>>

    I'm getting 12.9% in fees


    It's a mystery how anyone can turn a profit selling bullion on Ebay, especially with falling prices.
    World coins FSHO Hundreds of successful BST transactions U.S. coins FSHO
  • bronco2078bronco2078 Posts: 10,202 ✭✭✭✭✭


    $1480 is a premium over spot of 20% . Why pay a premium for slabbed bullion in a falling market anyway? I can't see any logic to it at all . It sounds like the theory is that it could protect you if prices fall but if you are worried they are going to fall then just don't buy now , just wait .

    On the other hand if its because you don't trust ebay sellers to sell you a raw coin of that value then just buy a raw coin locally you can touch and examine before you buy it.


    Why a NGC MS70 ? If you think the PCGS 70 is too much money then you destroy the logic of buying the slabbed bullion to begin with because the premium is what is supposed to protect you on the downside in the first place isn't it? The PCGS slabs are the top dollar slabs the others all get discounted anyway. You are actually discounting the NGC slab yourself by not wanting to pay the going rate.

    go PCGS MS70 for the name and maxed premium when selling or go NGC MS68 for a slab with no premium just for authentication only or buy raw locally and trust your own skills .

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>$1480 is a premium over spot of 20% . Why pay a premium for slabbed bullion in a falling market anyway? I can't see any logic to it at all . It sounds like the theory is that it could protect you if prices fall but if you are worried they are going to fall then just don't buy now , just wait .

    On the other hand if its because you don't trust ebay sellers to sell you a raw coin of that value then just buy a raw coin locally you can touch and examine before you buy it.


    Why a NGC MS70 ? If you think the PCGS 70 is too much money then you destroy the logic of buying the slabbed bullion to begin with because the premium is what is supposed to protect you on the downside in the first place isn't it? The PCGS slabs are the top dollar slabs the others all get discounted anyway. You are actually discounting the NGC slab yourself by not wanting to pay the going rate.

    go PCGS MS70 for the name and maxed premium when selling or go NGC MS68 for a slab with no premium just for authentication only or buy raw locally and trust your own skills . >>



    I think it's more likely that some think that they are entitled to some factor over spot price regardless of what the seller actually paid for the item they are selling.
    theknowitalltroll;
  • guitarwesguitarwes Posts: 9,266 ✭✭✭


    << <i><<sellers are paying higher fees now. Fees on $1480 now total $191.22.>>

    I'm getting 12.9% in fees


    It's a mystery how anyone can turn a profit selling bullion on Ebay, especially with falling prices. >>



    I have an Ebay store and am a Power Seller/Top Rated Seller Plus and my fees are about 9.9% on a BIN including Paypal and 8.5% on Auction including Paypal.

    Occaisonal sellers get the life sucked out of the on the 'bay.
    @ Elite CNC Routing & Woodworks on Facebook. Check out my work.
    Too many positive BST transactions with too many members to list.
  • derrybderryb Posts: 36,779 ✭✭✭✭✭
    Just cancelled $14K in listings and shipped them to Ian at Great Collections.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>sellers are paying higher fees now. Fees on $1480 now total $191.22. >>



    Not sure where you got your info from. Store sellers FVF for coins have just been reduced from the previous fixed 7% to 6%...tack on paypal fees of approx 3%. In addition, top rated sellers receive a rebate of 20% from the FVF assessed.

    Thread about the new coin & currency fees from the coin forum

    coin forum thread
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,779 ✭✭✭✭✭


    << <i>

    << <i>sellers are paying higher fees now. Fees on $1480 now total $191.22. >>



    Not sure where you got your info from. >>



    Got it from the current fee calculator

    Notice I said fees. This includes paypal fee.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

Sign In or Register to comment.